More indications balloon company Space Perspective is about to go bankrupt
New details reported yesterday strongly suggest that the high altitude balloon company Space Perspective has been unable to find new investors and is on the verge of shutting.
In a February 5 email to stakeholders, Interim CEO Michael Savage provided the latest updates, shedding light on failed funding efforts, the company’s dire financial situation, and attempts to restructure its debt. The email also acknowledged the gravity of the challenges ahead, hinting at the possible closure of operations.
Savage’s email outlined efforts to secure funding, including meetings with investors Fortuna and Broadlight, both of whom ultimately declined to proceed. Savage explained that while there was initial interest, the company’s mounting debt and financial instability deterred further investment. “Both [investors] have expressed interest, but despite the current circumstances and since Nov./Dec. 2024, they feel that their LPs would not stomach the numbers,” Savage wrote.
The company has previously announced it was shifting operations out of the Cape Canaveral area to a location 90 miles north where costs were less as it searched for new investors. This new report suggests this move and the search have not worked and the company will soon go out of business.
New details reported yesterday strongly suggest that the high altitude balloon company Space Perspective has been unable to find new investors and is on the verge of shutting.
In a February 5 email to stakeholders, Interim CEO Michael Savage provided the latest updates, shedding light on failed funding efforts, the company’s dire financial situation, and attempts to restructure its debt. The email also acknowledged the gravity of the challenges ahead, hinting at the possible closure of operations.
Savage’s email outlined efforts to secure funding, including meetings with investors Fortuna and Broadlight, both of whom ultimately declined to proceed. Savage explained that while there was initial interest, the company’s mounting debt and financial instability deterred further investment. “Both [investors] have expressed interest, but despite the current circumstances and since Nov./Dec. 2024, they feel that their LPs would not stomach the numbers,” Savage wrote.
The company has previously announced it was shifting operations out of the Cape Canaveral area to a location 90 miles north where costs were less as it searched for new investors. This new report suggests this move and the search have not worked and the company will soon go out of business.